The only way to help a housing shortage is to build more homes.
The U.S. certainly needs more homes to keep up with demand. Many buyers simply can’t find a home to purchase, or they’re competing with so many others that losing out in a bidding war has become commonplace. The National Association of Realtors reports that the number of existing home sales fell in May by 0.9% compared to May 2020, while the median home price is up year-over-year by 23.6%.
Unfortunately, homebuilders can’t complete new properties fast enough. A year’s worth of supply-chain issues, rising material costs and the coronavirus pandemic threatening the health and employment options for construction workers has slowed the rate of construction.
The homebuilding industry appears to have made a positive turn in a number of ways over the last couple…